ISLAMABAD: Pakistan’s oil import bill rose to $1.28 billion in July, equivalent to around Rs357.05 billion, reflecting the growing financial pressure on countries dependent on imported fossil fuels.
The increase comes as global energy markets face additional costs following disruptions linked to the Iran conflict and difficulties around the Strait of Hormuz. These developments have added to the financial burden of fossil fuel-importing countries over the past six months.
According to the Centre for Research on Energy and Clean Air, fossil fuel-importing countries globally incurred an estimated $330 billion in additional costs during the six-month period following the disruptions. The figure highlights the wider economic impact of instability in major energy supply routes.
The European Union faced the largest additional financial burden, with its extra costs estimated at around $78 billion. China ranked second with approximately $35 billion, while India came third with an estimated additional burden of $22 billion.
India’s crude oil import bill also recorded a sharp increase, rising by more than 56 percent. The rise underscores the vulnerability of major economies to fluctuations in international oil prices and disruptions affecting global energy supplies.
For Pakistan, higher oil import costs can place additional pressure on the country’s external account and foreign exchange requirements. Since the country relies significantly on imported petroleum products and crude oil, sustained increases in international energy costs can have wider economic implications.
